TaxTMI 
TaxTMI 
2021 (6) TMI 652
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....hantanu Parashar, Advocate for R-1. Mr. Abhishek Sharma, Advocate for R-2. ORDER (Virtual Mode) I.A. No. 966 of 2021 in Company Appeal (AT) (Insolvency) No. 1496 of 2019 has been filed on 27.05.2021 by the Applicant- 'State Bank of India'. 2. Company Appeal (AT) (Insolvency) No. 1496 of 2019 initially filed by one Durga Prasad Agarwal (Appellant No. 1). By order dated 15.12.2020 an I.A. No. 2910 of 2020 preferred by Legal Heirs of the Late Durga Prasad Agarwal (Appellant No. 1) intimating this Appellate Tribunal that during the pendency of this Appeal the Appellant No. 1 expired on 14.11.2020 and his Legal Heirs namely Smt. Sangita Agarwal, Ankur Agarwal and Harsh Agarwal were allowed to substitute and they have persued the Appeal and t....
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....ule 11 read with Rule 31 of the National Company Law Appellate Tribunal Rules, 2016 in which following prayers is as under; "25. In view of the facts and circumstances as mentioned hereinabove, the Applicant humbly prays as below: (i) The Hon'ble Appellate Tribunal may be pleased to pass an order clarifying that the property defined in para-7 (Land) of the Application is not covered by the direction mentioned in the judgment dated 03.03.2021 regarding handing over; (ii) The Hon'ble Appellate Tribunal may be pleased to pass an order directing the Resolution Professional to hand over the possession of the property (Land) described in para 7 of the Application to the Applicant Bank; (iii) The Hon'ble Appellate Tribunal may be pleased t....
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.... the District of Howrah. (b) The pieces and parcels of land measuring a total area of 98 Satak, be the same a little more or less situated at Mouza Baniara, JL No. 26, RS Khatian Nos. 944, 1086, 1113, 637 and 337, RS Dag No. 1134, 1121, 1123, 1124, 1125, LR Khatian No. 844, 1086, 1113, LR Dag No. 1152, under Police Station Domjur in the District of Howrah. iii) The above-mentioned Land was leased for a period of 5 years to the Corporate Debtor by way of the Lease Deed dated 31.03.2010 executed by Late Mr. Durga Prasad Agarwal and Smt. Sangita Agarwal. iv) In between, various defaults were committed by the Corporate Debtor in repayment of financial facilities availed from the Applicant Bank. Considering the defaults committed by the Corpo....
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....earing Company Appeal (AT) (Insolvency) No. 1496/2019. That said appeal was allowed by the Hon'ble NCLAT on 03.03.2021. While allowing the Appeal, NCLAT inter-alia directed the RP to hand over the assets and properties of the Corporate Debtor to the Director of the Corporate Debtor. viii) The above order of NCLAT dated 03.03.2021 was brought to the notice of COC on 15.03.2021. Thereafter, the RP took steps to communicate with the directors of Corporate Debtor in order to complete the handing over process. However, the RP was able to establish connection with the directors of Corporate Debtor only on 16.04.2021 was fixed for the handing over of the properties and assets of the Corporate Debtor. The Report of RP informing the Adjudicating Au....
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....were taken over from the Corporate Debtor by the RP pursuant to the order dated 21.11.2019 including the Land on 24.04.2021, unless a direction is sought from the Hon'ble NCLAT in this regard. The stand of the RP mandated the filing of the present Application. xi) Accordingly, the Applicant has decided to file the application seeking clarification of the Judgment dated 03.03.2021 in respect to the Land in question. Hence, the Applicant is filing the present application. There is urgency in the matter, as the RP is due to handover the Land to Corporate Debtor on 24.04.2021, who have no right and title over the property. xii) It is humbly submitted that the Applicant has already taken symbolic possession of the Land on 22.09.2015 in accorda....